HOUSTON, Oct. 18, 2018 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”) (NASDAQ: EGC) today provided an update regarding the closing of the merger with affiliates of Cox Oil LLC (“Cox”).
EGC previously announced on October 10, 2018 that EGC and Cox jointly agreed to extend the closing date of the merger to October 17, 2018.
EGC and Cox began the closing process at 7:15 a.m. Central Time this morning and expect to complete the merger within the next few hours.
Merger of EGC and Cox
As previously announced on June 18, 2018, the EGC Board of Directors unanimously approved a merger transaction with affiliates of Cox, an independent, privately-held entity that owns and operates assets in the Gulf of Mexico. Pursuant to the terms of the merger agreement, Cox agreed to acquire all the outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million.